|Day's Range||107.06 - 107.439|
|52 Week Range||106.7760 - 114.5110|
The US dollar continues to go back and forth against the Japanese yen but overall to lower levels. By breaking below the candle stick to kick off the week, you can see that the bearish pressure continues to be a concern.
The British pound has gone back and forth against the Japanese yen during trading on Tuesday, breaking below the bottom of the shooting star from the Monday session. While this is a negative sign, the reality is that we are in consolidation more than anything else.
Based on the early price action, the direction of the September U.S. Dollar Index on Tuesday is likely to be determined by trader reaction to Monday’s close at 95.487. If the Euro posts a reversal top then look for the index to post a reversal bottom.
Based on the early trade, the direction of the USD/JPY the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 107.102.
Negative comments ahead of trade talks and rhetoric from Iran in response to the prospect of sanctions dampen the mood ahead of the European open.
Investing.com -- The dollar continued its decline in early trading in Europe Tuesday, with the yen and euro strengthening as traders anticipate the erosion of the interest rate premium on dollar assets.
Investing.com - The U.S. dollar edged down on Tuesday in Asia while the Japanese yen gained as heightening tension in the Middle East drew safe-haven demand.
Trump called the Fed as a “Stubborn Child”. Today, the Crude prices slipped around 1% over demand concerns boiled out of escalating US-Iran tensions. The April Japanese Leading Economic Index reported higher than market hopes.
The US dollar continues to look soft against the Japanese yen, as we have broken through a major support level and now are simply drifting in general.
The British pound initially tried to rally during the trading session on Monday but gave back a bit of the gains in order to show signs of exhaustion yet again. Ultimately, this is a market that has been in a downtrend, so you should be looking for selling opportunities anyway.
A tentative start to the week as the market feels uncertain about what narrative it should run with. A considerable volume of ink was spilt on Sunday regarding Iran, the dovish FOMC remains ingrained on the market’s mind, while the G-20 looms. And for oil traders, there’s that not so delicate oil balancing act coming out of the OPEC meeting that remains a concern.
Market jitters ease in the early part of the day. There’s been no chatter to get the markets going, but it’s early and things could escalate rapidly…
The direction of the USD/JPY this week is likely to be determined by trader reaction to last week’s low at 107.045.
Investing.com - The euro rose to its highest level in three months against the U.S. dollar on Monday as the greenback remained on the back foot amid expectations for the Federal Reserve to cuts interest rates later this year.
It’s a mixed start to the day as the markets look to gauge what’s next for Iran. Any retaliation to new sanctions will need to be looked out for…
Investing.com - The U.S. dollar extended losses on Monday in Asia after trading lower for three straight sessions as the U.S. Federal Reserve signalled it was prepared to cut interest rates later this year to counter a global economic slowdown, exacerbated by global trade tensions.
Even with U.S. investors pricing in a 100-percent chance of a rate cut at the Fed’s next meeting on July 31, the direction of the USD/JPY is likely to continue to be determined by trader reaction to Treasury yields. If yields firm, the Forex pair is likely to rally on short-covering and profit-taking. Weaker yields will put renewed pressure on the USD/JPY.
Based on Friday’s close at 107.310, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to Friday’s close at 107.735.
The U.S. dollar rally is starting to roll over, but it’s hard to tell whether global central banks are feeding disdain for all major currencies, says one analyst.
The US dollar broke down during the week, slicing through the 61.8% Fibonacci retracement level which of course is a rather negative sign. That being said, the Federal Reserve loosening its monetary policy of course will continue to be a drag on the US dollar.
The British pound has gone back and forth against the Japanese yen during the week, forming a bit of a neutral candle. However, we are below the 61.8% Fibonacci retracement level, which is a huge signal as far as I can tell.
The US dollar has initially fallen against the Japanese yen but turned around to show signs of life again later in the day. That being said though, the market has broken below the 61.8% Fibonacci retracement level so it is worth paying attention to.
The British pound initially tried to rally during the trading session on Friday, but the downward pressure continues. Looking at the chart, it looks as if the Japanese yen will continue to be one of the major gainers.